Let it go......Friday, page-5

I expect this might cause some more problems over the next few weeks and months for the big 5 banks...and for State /Fed relations

• New state tax comes on top of a surprise federal levy
• Other states could impose similar tax - analyst
• Banking industry says tax "an outrageous cash grab"

An Australian state imposed a surprise tax on the country's five biggest banks, a move that comes on top of a new $4.6 billion federal levy - prompting predictions that other states could follow suit and howls of outrage from the sector.
South Australia, the country's fifth-largest state by population, announced a tax worth a combined A$370 million ($280 million) over the first four years, saying it would use the proceeds to fund job-creation initiatives.
The head of the Australian Bankers Association Anna Bligh called the tax "an outrageous cash grab without policy substance". Westpac Banking Corp and Australia and New Zealand Banking Group (ANZ)  said the move could provoke a backlash from banks as they could decide to curtail investment in the state.
The focus now turns to whether any of the country's other five states will follow suit and how far the banks will go to oppose the state tax. Unpopular with the public and politicians after a series of scandals, they accepted the federal tax without mounting a major marketing campaign because the measure had bipartisan support.

https://hotcopper.com.au/resources/...x-in-wake-of-federal-levy.66237/#.WUvGKVFLd9A

cheers